Jeffrey Gundlach webcast slides for the month of January 2018, titled, “Just Markets.”

Global Economy

Drifters 1958 "This Magic Moment"

World Growth in Sync

Please see appendix descriptions for further definition. EU = European Union. q/q = quarter-over-quarter. You cannot invest directly in an index.

2017 Global Manufacturing PMI Heatmap

Source: Bloomberg, DoubleLine

Green = >50, Red + <50, Yellow= Highest PMI level for each country. PMI = Purchase Managers Index is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environmentwithin the given country.. You cannot invest directly in an index.

Citi Economic Surprise Index: U.S. vs. Global

The Citigroup Surprise index tracks a measure knows as “the economic surprise index” for various locales, which shows how economic data are progressing relative to the consensus forecast of market economist. You cannot invest directly in an index.

KOSPI Indicate Strong Global Economy

Source: Bloomberg, DoubleLine

KOSPI Index is a capitalization weighted index of all common shares on the Korean stock exchanges. You cannot invest directlyinan index.

U.S. and Germany Nominal GDP (YoY)

Source: Bloomberg, DoubleLine

GDP = Gross Domestic Product is the measure of goods and services with in a given country. NSA = Non-Seasonally Adjusted, YoY= year-over-year.

You cannot invest directly in an index.

ECB Increases Optimism

Source: Bloomberg, DoubleLine

ECB= European Central Bank. GDP = Gross Domestic Product measures the amount of goods and services produced within a given country. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. You cannot invest directly in an index.

Equity 2017 and 1 Month Performance

(Total Return USD)

Source: Bloomberg; DoubleLine

As of December 31, 2017

Please see appendix for definitions. You cannot invest directly in an index.

2017 Change in Global 10y Bond Yields

As December 31, 2017

Source: Bloomberg; DoubleLine

Bps = basis points. For index definitions please see the appendix. You cannot invest directly in an index.

Central Bank Balance Sheets vs. MSCI ACWI

As of December 31, 2017

Source: Bloomberg, DoubleLine

MSCI ACWI = A market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, including both developed and emerging markets. BOJ = Bank of Japan, ECB = European Central Bank, Fed = Federal Reserve. You cannot invest directly in an index.

See the full PDF below.